Google Search came back with, "When does capital gains tax not apply?

Josh,Typically when you set up your LLC you need to establish your EIN Tax ID and open up a Business checking account. 

What documents are needed for me to claim this on my taxes? 

“Am I happy enough with what I can make off of this property between cash flow and appreciation and tax benefits that it is worth my while?”

Are there conflicting tax issues because the real estate agent is a member of the LLC? 

A cost segregation study is one of the most beneficial tax benefits for commercial real estate properties.

We used tax returns, work bonus payments, any extra money for down payments and for renovation. 

You can take the allocation for the unit you lived in tax free. 

Conventional mortgages require higher FICO, reserves (money set aside to pay the loan), tax returns...just on that note, they typically won't count any income from the property rents until that money hits your tax returns for 2 years. 

There will be expenses you will have to maintain sure but the appreciation, tax benefit and rising rent/mortgage pay off make it a no brainer.